**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**_____________________**

**FORM      10-QSB/A**

**UNDER      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For      the quarterly period ended June 30, 2005**

| **TREND                MINING COMPANY**                                           |
|----------------------------------------------------------------------------------------|
| **(Name                of Small Business Issuer in its                Charter)**  |

| **Delaware**                                                                                        |   | **81-0304651**                                                            |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| **(State                or other jurisdiction of****incorporation                or organization)** |   | **(I.R.S.                Employer****Identification                No.)** |

| **5439                South Prince Street****Littleton                Colorado 80120** |
|----------------------------------------------------------------------------------------|
| **(Address                of principal executive                office)**              |

**Issuer's      telephone number: 303-798-7363**

**Securities      to be registered under Section 12(b) of the Act:**

**None**

**(Title      of Class)**

**Securities      to be registered under Section 12(g) of the Act:**

**Common      par value $0.01**

**(Title      of Class)**

**________________________________________________________________________________**

**Indicate      by check mark whether the registrant (1) has filed all reports required to      be      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during      the      preceding 12 months (or for such shorter period that the registrant was required      to file such reports), and (2) has been subject to such filing requirements      for      the past 90 days.**

**Yes x**
**      No o**

**The      number of shares outstanding at June 30, 2005: 36,275,215      shares**

----

----

**TREND      MINING COMPANY**

|                                                               |   |
|--------------------------------------------------------------------|--------|
| FINANCIAL                  STATEMENTS                              |   |
|                                                               |   |
| Balance                  Sheets                                    | 1      |
|                                                               |   |
| Statements                  of Operations                          | 2      |
|                                                               |   |
| Statement                  of Stockholders’ Equity (Deficit) | 3      |
|                                                               |   |
| Statements                  of Cash Flows                          | 8      |
|                                                               |   |
| NOTES                  TO THE FINANCIAL STATEMENTS                 | 10     |

----

| **TREND                  MINING COMPANY****(An                  Exploration Stage Company)****BALANCE                  SHEETS** |
|---------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                        |   | June                    30,2005(unaudited)Restated  |        | September                    30,2004(Restated)  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|-------------|------------------------------------------------------|--------|
| **ASSETS**                                                                                                                                                                                  |   |                                                     |        |                                                 |   |
| CURRENT                    ASSETS                                                                                                                                                           |   |                                                     |        |                                                 |   |
| Cash                                                                                                                                                                                        |   | $                                                        | 116,867     |                                                 | $      | 8,313 |   |
| Prepaid                    expenses                                                                                                                                                         |   |                                                     | 27,036      |                                                 |   | 2,948 |   |
| Purchase                    deposit                                                                                                                                                         |   |                                                     | 300,000     |                                                 |   | — |   |
|  TOTAL                    CURRENT ASSETS                                                                                                                                               |   |                                                     | 443,903     |                                                 |   | 11,261 |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| MINERAL                    PROPERTIES                                                                                                                                                       |   |                                                     | —     |                                                 |   | — |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| PROPERTY                    AND EQUIPMENT, net of depreciation                                                                                                                              |   |                                                     | 7,132       |                                                 |   | 6,631 |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| OTHER                    ASSETS                                                                                                                                                             |   |                                                     |        |                                                 |   |   |   |
| Reclamation                    bond                                                                                                                                                         |   |                                                     | 6,500       |                                                 |   | — |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| **TOTAL                    ASSETS**                                                                                                                                                         |   | $                                                        | 457,535     |                                                 | $      | 17,892 |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| **LIABILITIES                    AND STOCKHOLDERS' DEFICIT**                                                                                                                                |   |                                                     |        |                                                 |   |   |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| CURRENT                    LIABILITIES                                                                                                                                                      |   |                                                     |        |                                                 |   |   |   |
| Accounts                    payable                                                                                                                                                         |   | $                                                        | 61,024      |                                                 | $      | 205,686 |   |
| Accrued                    expenses                                                                                                                                                         |   |                                                     | 71,618      |                                                 |   | 75,780 |   |
| Interest                    payable                                                                                                                                                         |   |                                                     | 238,171     |                                                 |   | 125,561 |   |
| Loans                    payable to stockholders                                                                                                                                            |   |                                                     | 1,047,857   |                                                 |   | 1,032,857 |   |
| Current                    portion of long-term debt                                                                                                                                        |   |                                                     | 549,187     |                                                 |   | — |   |
|  TOTAL                    CURRENT LIABILITIES                                                                                                                                          |   |                                                     | 1,967,857   |                                                 |   | 1,439,884 |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| LONG-TERM                    DEBT, net of current portion                                                                                                                                   |   |                                                     | 56,052      |                                                 |   | — |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| COMMITMENTS                    AND CONTINGENCIES                                                                                                                                            |   |                                                     | —     |                                                 |   | — |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| STOCKHOLDERS'                    DEFICIT                                                                                                                                                    |   |                                                     |        |                                                 |   |   |   |
| Preferred                    stock, $0.01 par value, 20,000,000 shares authorized;                    0 and 1 share issued and outstanding, respectively                                    |   |                                                     |        |                                                 |   |   |   |
|                                                                                                                                                                                        |   |                                                     |        |                                                 |   |   |   |
| Common                    stock, $0.01 par value, 100,000,000 shares authorized; 36,275,215                    and35,967,715                    shares issued and outstanding, respectively |   |                                                     | 362,752     |                                                 |   | 359,677 |   |
| Additional                    paid-in capital                                                                                                                                               |   |                                                     | 8,000,432   |                                                 |   | 7,518,815 |   |
| Stock                    options and warrants                                                                                                                                               |   |                                                     | 1,493,680   |                                                 |   | 974,268 |   |
| Pre-exploration                    stage accumulated deficit                                                                                                                                |   |                                                     | (558,504    | )                                                    |   | (558,504 | ) |
| Accumulated                    deficit during exploration stage                                                                                                                             |   |                                                     | (10,864,734 | )                                                    |   | (9,716,248 | ) |
|  TOTAL                    STOCKHOLDERS' DEFICIT                                                                                                                                        |   |                                                     | (1,566,374  | )                                                    |   | (1,421,992 | ) |
| **TOTAL                    LIABILITIES AND**                                                                                                                                                |   |                                                     |        |                                                 |   |   |   |
| **STOCKHOLDERS'                    DEFICIT**                                                                                                                                                |   | $                                                        | 457,535     |                                                 | $      | 17,892 |   |

----

| **TREND                  MINING COMPANY****(An                  Exploration Stage Company)****STATEMENTS                  OF                  OPERATIONS** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                       |   | Three                Months EndedJune                30, |       | Nine                Months EndedJune                30, |   | Period                fromOctober                1, 1996(Inception                ofExploration                Stage)to                June 30, |   |
|------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|------------|---------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                       |   | 2005(unaudited)                                          |       | 2004(unaudited)                                         |   | 2005(unaudited)                                                                                                                                 |   | 2004(unaudited) |   | 2005(unaudited) |   |
|                                                                                                            |   |                                                     |       |                                                    |   |                                                                                                                                            |   | Restated |   | Restated |   |
| REVENUES                                                                                                   |   | $                                                        | —    |                                                    | $      | —                                                                                                                                         |   | $ | — |   | $ | — |   | $ | — |   |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| EXPENSES                                                                                                   |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Exploration                expense                                                                         |   |                                                     | 48,088     |                                                    |   | —                                                                                                                                         |   |   | 147,981 |   |   | — |   |   | 3,076,856 |   |
| General                and administrative                                                                  |   |                                                     | 50,177     |                                                    |   | 107,433                                                                                                                                         |   |   | 136,371 |   |   | 152,155 |   |   | 2,714,519 |   |
| Consulting                                                                                                 |   |                                                     | 74,201     |                                                    |   | —                                                                                                                                         |   |   | 167,372 |   |   | — |   |   | 167,372 |   |
| Officers                and directors compensation                                                         |   |                                                     | 32,000     |                                                    |   | 44,600                                                                                                                                          |   |   | 89,000 |   |   | 119,700 |   |   | 1,748,190 |   |
| Legal                and professional                                                                      |   |                                                     | 26,482     |                                                    |   | 156,380                                                                                                                                         |   |   | 108,428 |   |   | 234,012 |   |   | 1,514,307 |   |
| Depreciation                                                                                               |   |                                                     | 668        |                                                    |   | 690                                                                                                                                             |   |   | 2,661 |   |   | 2,069 |   |   | 54,537 |   |
| Total                Expenses                                                                              |   |                                                     | 231,616    |                                                    |   | 309,103                                                                                                                                         |   |   | 651,813 |   |   | 507,936 |   |   | 9,275,781 |   |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| OPERATING                LOSS                                                                              |   |                                                     | (231,616   | )                                                       |   | (309,103                                                                                                                                        | )      |   | (651,813 | ) |   | (507,936 | ) |   | (9,275,781 | ) |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| OTHER                INCOME (EXPENSE)                                                                      |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Dividend                and interest income                                                                |   |                                                     | 3,660      |                                                    |   | —                                                                                                                                         |   |   | 4,479 |   |   | — |   |   | 10,877 |   |
| Gain                (loss) on disposition and impairment of assets                                         |   |                                                     | —    |                                                    |   | —                                                                                                                                         |   |   | — |   |   | — |   |   | (177,519 | ) |
| Gain                (loss) on investment sales                                                             |   |                                                     | —    |                                                    |   | (40,500                                                                                                                                         | )      |   | — |   |   | (40,383 | ) |   | (63,813 | ) |
| Financing                expense                                                                           |   |                                                     | (142,945   | )                                                       |   | —                                                                                                                                         |   |   | (436,572 | ) |   | — |   |   | (1,571,685 | ) |
| Interest                expense                                                                            |   |                                                     | (56,850    | )                                                       |   | (22,573                                                                                                                                         | )      |   | (127,395 | ) |   | (67,221 | ) |   | (443,531 | ) |
| Miscellaneous                income                                                                        |   |                                                     | —    |                                                    |   | —                                                                                                                                         |   |   | — |   |   | 139 |   |   | 26,757 |   |
| Forgiveness                of debt                                                                         |   |                                                     | —    |                                                    |   | —                                                                                                                                         |   |   | 62,815 |   |   | — |   |   | 629,961 |   |
| Total                Other Income (Expense)                                                                |   |                                                     | (196,135   | )                                                       |   | (63,073                                                                                                                                         | )      |   | (496,673 | ) |   | (107,465 | ) |   | (1,588,953 | ) |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| LOSS                BEFORE INCOME TAXES                                                                    |   |                                                     | (427,751   | )                                                       |   | (372,176                                                                                                                                        | )      |   | (1,148,486 | ) |   | (615,401 | ) |   | (10,864,734 | ) |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| INCOME                TAXES                                                                                |   |                                                     | —    |                                                    |   | —                                                                                                                                         |   |   | — |   |   | — |   |   | — |   |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| NET                LOSS                                                                                    |   |                                                     | (427,751   | )                                                       |   | (372,176                                                                                                                                        | )      |   | (1,148,486 | ) |   | (615,401 | ) |   | (10,864,734 | ) |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| OTHER                COMPREHENSIVE INCOME (LOSS)                Change in market value of investments |   |                                                     | —    |                                                    |   | (33,030                                                                                                                                         | )      |   | — |   |   | (1,800 | ) |   | 1,800 |   |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| NET                COMPREHENSIVE LOSS                                                                      |   | $                                                        | (427,751   | )                                                       | $      | (405,206                                                                                                                                        | )      |   | (1,148,486 | ) | $ | (617,201 | ) | $ | (10,862,934 | ) |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| BASIC                AND DILUTED NET LOSS PER SHARE                                                        |   | $                                                        | (0.01      | )                                                       | $      | (0.01                                                                                                                                           | )      | $ | (0.03 | ) | $ | (0.02 | ) |   |   |   |
|                                                                                                       |   |                                                     |       |                                                    |   |                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED                AVERAGE NUMBER OFCOMMON                SHARES OUTSTANDING                          |   |                                                     | 36,275,215 |                                                    |   | 34,556,585                                                                                                                                      |   |   | 36,100,771 |   |   | 33,671,585 |   |   |   |   |

----

| **TREND                      MINING COMPANY****(An                      Exploration Stage Company)****STATEMENT                      OF STOCKHOLDERS’ EQUITY                      (DEFICIT)** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |
|----------------------------------------------------------------------------------------------|--------|---------------------------------|-----------|--------|--------|-------------------------------------------|--------|------------------------------------------|-----------|------------------------------------|--------|--------------------------------------------------|--------|
|                                                                                         |   | Common                Stock     |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |
|                                                                                         |   | Number                of Shares |      | Amount |   | Additional                Paid-in Capital |   | StockOptions                and Warrants |      | Accumulated                Deficit |   | Other                Comprehensive Income (Loss) |   | Total |   |
| Balance,                October 1, 1996                                                      |   |                            | 1,754,242 |   | $      | 17,542                                    |   |                                     | 663,218   |                               |   | —                                          |   |   | (558,504 | ) |   | — |   | $ | 122,256 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                                            |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| -                for cash at $0.50 per share                                                 |   |                            | 200,000   |   |   | 2,000                                     |   |                                     | 98,000    |                               |   | —                                          |   |   | — |   |   | — |   |   | 100,000 |   |
| -                for payment of liabilities and expenses at $0.50 per share                  |   |                            | 45,511    |   |   | 455                                       |   |                                     | 22,301    |                               |   | —                                          |   |   | — |   |   | — |   |   | 22,756 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September                30, 1997                 |   |                            | —   |   |   | —                                   |   |                                     | —   |                               |   | —                                          |   |   | (128,614 | ) |   | — |   |   | (128,614 | ) |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 1997                                                   |   |                            | 1,999,753 |   |   | 19,997                                    |   |                                     | 783,519   |                               |   | —                                          |   |   | (687,118 | ) |   | — |   |   | 116,398 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Issuance                of common stock as follows:                                          |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| -                for mineral property at $0.50 per share                                     |   |                            | 150,000   |   |   | 1,500                                     |   |                                     | 73,500    |                               |   | —                                          |   |   | — |   |   | — |   |   | 75,000 |   |
| -                for lease termination at $0.50 per share                                    |   |                            | 12,000    |   |   | 120                                       |   |                                     | 5,880     |                               |   | —                                          |   |   | — |   |   | — |   |   | 6,000 |   |
| -                for debt at $0.50 per share                                                 |   |                            | 80,000    |   |   | 800                                       |   |                                     | 39,200    |                               |   | —                                          |   |   | — |   |   | — |   |   | 40,000 |   |
| -                for cash at $0.20 per share                                                 |   |                            | 7,500     |   |   | 75                                        |   |                                     | 1,425     |                               |   | —                                          |   |   | — |   |   | — |   |   | 1,500 |   |
| -                for compensation at $0.50 per share                                         |   |                            | 9,000     |   |   | 0                                         |   |                                     | 4,410     |                               |   | —                                          |   |   | — |   |   | — |   |   | 4,500 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Issuance                of stock options for financing activities                            |   |                            | —   |   |   | —                                   |   |                                     | —   |                               |   | 2,659                                            |   |   | — |   |   | — |   |   | 2,659 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September                30, 1998                 |   |                            | —   |   |   | —                                   |   |                                     | —   |                               |   | —                                          |   |   | (119,163 | ) |   | — |   |   | (119,163 | ) |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Change                in market value of investments                                         |   |                            | —   |   |   | —                                   |   |                                     | —   |                               |   | —                                          |   |   | — |   |   | 117,080 |   |   | 117,080 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 1998                                                   |   |                            | 2,258,253 |   |   | 22,582                                    |   |                                     | 907,934   |                               |   | 2,659                                            |   |   | (806,281 | ) |   | 117,080 |   |   | 243,974 |   |
| Common                stock issuances as follows:                                            |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| -                for cash at an average of $0.07 per share                                   |   |                            | 555,000   |   |   | 5,550                                     |   |                                     | 35,450    |                               |   | —                                          |   |   | — |   |   | — |   |   | 41,000 |   |
| -                for prepaid expenses at $0.33 per share                                     |   |                            | 50,000    |   |   | 500                                       |   |                                     | 16,000    |                               |   | —                                          |   |   | — |   |   | — |   |   | 16,500 |   |
| -                for consulting services at an average of                                    |   |                            | 839,122   |   |   | 8,391                                     |   |                                     | 158,761   |                               |   | —                                          |   |   | — |   |   | — |   |   | 167,152 |   |
| -                for mineral property at $0.13 per share                                     |   |                            | 715,996   |   |   | 7,160                                     |   |                                     | 82,470    |                               |   |                                             |   |   |   |   |   |   |   |   | 89,630 |   |
| -                for officers' compensation at an average of $0.24 per                share  |   |                            | 300,430   |   |   | 3,004                                     |   |                                     | 70,522    |                               |   | —                                          |   |   | — |   |   | — |   |   | 73,526 |   |
| -                for directors' compensation at an average of $0.25 per                share |   |                            | 16,500    |   |   | 165                                       |   |                                     | 3,960     |                               |   | —                                          |   |   | — |   |   | — |   |   | 4,125 |   |
| -                for rent at $0.25 per share                                                 |   |                            | 1,000     |   |   | 10                                        |   |                                     | 240       |                               |   | —                                          |   |   | — |   |   | — |   |   | 250 |   |
| -                for equipment at $0.30 per share                                            |   |                            | 600,000   |   |   | 6,000                                     |   |                                     | 174,000   |                               |   | —                                          |   |   | — |   |   | — |   |   | 180,000 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year endedSeptember                30, 1999                  |   |                            | —   |   |   | —                                   |   |                                     | —   |                               |   | —                                          |   |   | (716,759 | ) |   | — |   |   | (716,759 | ) |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Other                comprehensive loss                                                      |   |                            | —   |   |   | —                                   |   |                                     | —   |                               |   | —                                          |   |   | — |   |   | (79,179 | ) |   | (79,179 | ) |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 1999                                                   |   |                            | 5,345,511 |   | $      | 53,454                                    |   | $                                        | 1,452,007 |                               | $      | 2,659                                            |   | $ | (1,523,040 | ) | $ | 37,901 |   | $ | 22,982 |   |
|                                                                                         |   |                            |      |   |   |                                      |   |                                     |      |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |

----

| **TREND                MINING COMPANY****(An                Exploration Stage Company)****STATEMENT                OF STOCKHOLDERS’ EQUITY                (DEFICIT)** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                     |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------|--------|--------|---------|--------|--------|-----------------------------------------------|--------|--------|----------------------------------------------|--------|--------|----------------------------------------|--------|--------|------------------------------------------------------|--------|
|                                                                                                                                     |   |   | Common                  Stock  |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |
|                                                                                                                                     |   |   | Number                    of Shares |   |   | Amount  |   |   | Additional                    Paid-in Capital |   |   | StockOptions                    and Warrants |   |   | Accumulated                    Deficit |   |   | Other                    Comprehensive Income (Loss) |   |   | Total |   |
| Balance,                  September 30, 1999                                                                                             |   |   | 5,345,511                           |   | $      | 53,454  |   | $      | 1,452,007                                     |   | $      | 2,659                                        |   | $      | (1,523,040                             | )      | $      | 37,901                                               |   | $ | 22,982 |   |
|                                                                                                                                     |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |
| Common                  stock and option issuances as follows:                                                                           |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |
| -                  for employee, officer and director compensation at an average of                                                      |   |   | 231,361                             |   |   | 2,314   |   |   | 140,446                                       |   |   | 15,820                                       |   |   | —                                |   |   | —                                              |   |   | 158,580 |   |
| -                  for officers' and directors' compensation                                                                             |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |
| At                  an average of $1.19 per share                                                                                        |   |   | 11,500                              |   |   | 115     |   |   | 13,615                                        |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | 13,730 |   |
| -                  for services at an average of $0.47 per share                                                                         |   |   | 530,177                             |   |   | 5,302   |   |   | 246,333                                       |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | 251,635 |   |
| -                  for mineral property at $0.89 per share                                                                               |   |   | 1,000,000                           |   |   | 1,000   |   |   | 88,000                                        |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | 89,000 |   |
| -                  for investments at $0.33 per share                                                                                    |   |   | 200,000                             |   |   | 2,000   |   |   | 64,000                                        |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | 66,000 |   |
| -                  for cash at $0.08 per share                                                                                           |   |   | 456,247                             |   |   | 4,562   |   |   | 28,969                                        |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | 33,531 |   |
| -                  for cash, options and warrants                                                                                        |   |   | 100,000                             |   |   | 10,000  |   |   | 2,414                                         |   |   | 87,586                                       |   |   | —                                |   |   | —                                              |   |   | 100,000 |   |
| -                  for incentive fees at $0.33 per share                                                                                 |   |   | 65,285                              |   |   | 653     |   |   | 20,891                                        |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | 21,544 |   |
| -                  for deferred mineral property acquisition costs at $0.13 per                  share                                   |   |   | 129,938                             |   |   | 1,299   |   |   | 14,943                                        |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | 16,242 |   |
| -                  for modification of stockholder agreement at $0.60 per                  share                                         |   |   | 200,000                             |   |   | 2,000   |   |   | 118,000                                       |   |   | 30,000                                       |   |   | —                                |   |   | —                                              |   |   | 150,000 |   |
| -                  for modification of stockholder agreement                                                                             |   |   | —                             |   |   | — |   |   | 4,262                                         |   |   | 10,379                                       |   |   | —                                |   |   | —                                              |   |   | 14,641 |   |
| -                  from exercise of options at $0.12 per share                                                                           |   |   | 9,962,762                           |   |   | 99,628  |   |   | 1,103,016                                     |   |   | (37,524                                      | )      |   | —                                |   |   | —                                              |   |   | 1,165,120 |   |
|                                                                                                                                     |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |
| Cash                  received for the issuance of common stock warrants for 7,979,761                  shares of                  stock |   |   | —                             |   |   | — |   |   | —                                       |   |   | 10,000                                       |   |   | —                                |   |   | —                                              |   |   | 10,000 |   |
|                                                                                                                                     |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |
| Miscellaneous                  common stock adjustments                                                                                  |   |   | (5                                  | )      |   | — |   |   | —                                       |   |   | —                                      |   |   | —                                |   |   | —                                              |   |   | — |   |
|                                                                                                                                     |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |
| Net                  loss for the year endedSeptember                  30, 2000                                                          |   |   | —                             |   |   | — |   |   | —                                       |   |   | —                                      |   |   | (2,186,541                             | )      |   | —                                              |   |   | (2,186,541 | ) |
|                                                                                                                                     |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |
| Other                  comprehensive income (loss)                                                                                       |   |   | —                             |   |   | — |   |   | —                                       |   |   | —                                      |   |   | —                                |   |   | (38,314                                              | )      |   | (38,314 | ) |
| Balance,                  September 30, 2000                                                                                             |   |   | 18,232,776                          |   | $      | 182,327 |   | $      | 3,296,897                                     |   | $      | 118,920                                      |   | $      | (3,709,581                             | )      | $      | (413                                                 | )      | $ | (111,850 | ) |
|                                                                                                                                     |   |   |                                |   |   |    |   |   |                                          |   |   |                                         |   |   |                                   |   |   |                                                 |   |   |   |   |

----

| **TREND                    MINING COMPANY****(An                    Exploration Stage Company)****STATEMENT                    OF STOCKHOLDERS’ EQUITY                    (DEFICIT)** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |
|-------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|--------------------|--------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|-----------|----------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|
|                                                                                                       |   | Common                  Stock                 |       |          |   |                                                            |   |                                                            |      |                                                      |   |                                                                         |   |
|                                                                                                  |   |  Number                  of Shares  |       |  Amount  |   |                    Additional                    Paid-inCapital |   |                    StockOptions                    and Warrants |      |                    Accumulated                    Deficit |   |                    Other                    Comprehensive Income (Loss) |   | Total  |   |
| Balance,                  September 30, 2000                                                          |   | $                                             | 18,232,776 |               | $      | 182,327                                                              |   | $                                                                    | 3,296,897 |                                                           | $      | 118,920                                                                      |   | $ | (3,709,581 | ) | $ | (413 | ) | $ | (111,850 | ) |
|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| Common                  stock and option issuances as follows:                                        |   |                                          | 192,000    |               |   | 1,920                                                                |   |                                                                 | 190,080   |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 192,000 |   |
| -                  for cash of $1.00 per share                                                        |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| -                  for cash and consulting services from options for $0.39 per                  share |   |                                          | 33,333     |               |   | 333                                                                  |   |                                                                 | 12,737    |                                                           |   | (3,070                                                                       | )      |   | — |   |   | — |   |   | 10,000 |   |
|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| -                  for services at an average of $0.92 per share                                      |   |                                          | 13,700     |               |   | 137                                                                  |   |                                                                 | 12,463    |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 12,600 |   |
| -                  for officer and employee compensation at $1.13 per share                           |   |                                          | 5,200      |               |   | 52                                                                   |   |                                                                 | 5,828     |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 5,880 |   |
| -                  for payment of accrued officer's compensation at $1.35 per                  share  |   |                                          | 10,000     |               |   | 100                                                                  |   |                                                                 | 13,400    |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 13,500 |   |
| -                  for consulting services at an ave of $0.77 per share                               |   |                                          | 45,461     |               |   | 455                                                                  |   |                                                                 | 34,247    |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 34,702 |   |
| -                  for directors' compensation at $0.85 per share                                     |   |                                          | 75,000     |               |   | 750                                                                  |   |                                                                 | 63,000    |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 63,750 |   |
| -                  for modification of contract at $0.78 per share                                    |   |                                          | 3,000      |               |   | 30                                                                   |   |                                                                 | 2,310     |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 2,340 |   |
| -                  for interest payment on contract at an average of $0.80 per                  share |   |                                          | 10,000     |               |   | 100                                                                  |   |                                                                 | 7,900     |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 8,000 |   |
| -                  for mineral property expenses at $0.85 per share                                   |   |                                          | 1,000      |               |   | 10                                                                   |   |                                                                 | 840       |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 850 |   |
| -                  for debt at $1.00 per share                                                        |   |                                          | 134,500    |               |   | 1,345                                                                |   |                                                                 | 133,155   |                                                           |   | —                                                                      |   |   | — |   |   | — |   |   | 134,500 |   |
|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| Options                  issued to officers, directors and employees for services                     |   |                                          | —    |               |   | —                                                              |   |                                                                 | —   |                                                           |   | 354,000                                                                      |   |   | — |   |   | — |   |   | 354,000 |   |
|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| Warrants                  issued as follows:                                                          |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| -                  for consulting services                                                            |   |                                          | —    |               |   | —                                                              |   |                                                                 | —   |                                                           |   | 170,521                                                                      |   |   | — |   |   | — |   |   | 170,521 |   |
| -                  for loan agreements                                                                |   |                                          | —    |               |   | —                                                              |   |                                                                 | —   |                                                           |   | 141,547                                                                      |   |   | — |   |   | — |   |   | 141,547 |   |
| -                  for extension of exercise period on outstanding warrants                           |   |                                          | —    |               |   | —                                                              |   |                                                                 | —   |                                                           |   | 608,058                                                                      |   |   | — |   |   | — |   |   | 608,058 |   |
|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| Net                  loss for the year ended September 30, 2001                                       |   |                                          | —    |               |   | —                                                              |   |                                                                 | —   |                                                           |   | —                                                                      |   |   | (3,437,354 | ) |   | — |   |   | (3,437,354 | ) |
|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |
| Other                  comprehensive income                                                           |   |                                          | —    |               |   | —                                                              |   |                                                                 | —   |                                                           |   | —                                                                      |   |   | — |   |   | 413 |   |   | 413 |   |
| Balance,                  September 30, 2001                                                          |   |                                          | 18,755,970 |               | $      | 187,559                                                              |   | $                                                                    | 3,772,856 |                                                           | $      | 1,389,976                                                                    |   | $ | (7,146,935 | ) | $ | — |   | $ | (1,796,543 | ) |
|                                                                                                  |   |                                          |       |               |   |                                                                 |   |                                                                 |      |                                                           |   |                                                                         |   |   |   |   |   |   |   |   |   |   |

----

| **TREND                  MINING COMPANY****(An                  Exploration Stage Company)****STATEMENT                  OF STOCKHOLDERS’ EQUITY                  (DEFICIT)** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |
|---------------------------------------------------------------------------------|--------|--------------------------------|------------|--------|--------|------------------------------------------|--------|------------------------------------------|-----------|------------------------------------|--------|------------------------------------------------|--------|
|                                                                            |   | Common                Stock    |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |
|                                                                            |   | Number                ofShares |       | Amount |   | AdditionalPaid-in                Capital |   | StockOptions                and Warrants |      | Accumulated                Deficit |   | OtherComprehensiveIncome                (Loss) |   | Total |   |
| Balance,                September 30, 2001                                      |   |                           | 18,755,970 |   | $      | 187,559                                  |   | $                                        | 3,772,856 |                               | $      | 1,389,976                                      |   | $ | (7,146,935 | ) | $ | — |   | $ | (1,796,543 | ) |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                               |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| -                for cash at $0.10 per share                                    |   |                           | 2,500,000  |   |   | 25,000                                   |   |                                     | 225,000   |                               |   | —                                        |   |   | — |   |   | — |   |   | 250,000 |   |
| -                for a note payable at $1.00 per share                          |   |                           | 25,000     |   |   | 250                                      |   |                                     | 24,750    |                               |   | —                                        |   |   | — |   |   | — |   |   | 25,000 |   |
| -                for consulting fees payable at $0.55 per share                 |   |                           | 12,536     |   |   | 126                                      |   |                                     | 6,769     |                               |   | —                                        |   |   | — |   |   | — |   |   | 6,895 |   |
| -                for mineral properties at $0.70 per share                      |   |                           | 1,100,000  |   |   | 11,000                                   |   |                                     | 759,000   |                               |   | —                                        |   |   | — |   |   | — |   |   | 770,000 |   |
| -                for services at an average of $0.49 per share                  |   |                           | 112,500    |   |   | 1,125                                    |   |                                     | 53,625    |                               |   | —                                        |   |   | — |   |   | — |   |   | 54,750 |   |
| -                for financing expense at an average of $0.44 per share         |   |                           | 82,429     |   |   | 824                                      |   |                                     | 35,369    |                               |   | —                                        |   |   | — |   |   | — |   |   | 36,193 |   |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Options                issued to officers, directors and employees for services |   |                           | —    |   |   | —                                  |   |                                     | —   |                               |   | 29,528                                         |   |   | — |   |   | — |   |   | 29,528 |   |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Warrants                issued as follows:                                      |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| -                for loan agreements                                            |   |                           | —    |   |   | —                                  |   |                                     | —   |                               |   | 55,352                                         |   |   | — |   |   | — |   |   | 55,352 |   |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Expiration                of stock options and warrants                         |   |                           | —    |   |   | —                                  |   |                                     | 91,814    |                               |   | (91,814                                        | )      |   | — |   |   | — |   |   | — |   |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Interest                expense forgiven by shareholders                        |   |                           | —    |   |   | —                                  |   |                                     | 42,950    |                               |   | —                                        |   |   | — |   |   | — |   |   | 42,950 |   |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2002                   |   |                           | —    |   |   | —                                  |   |                                     | —   |                               |   | —                                        |   |   | (1,168,171 | ) |   | — |   |   | (1,168,171 | ) |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 2002                                      |   |                           | 22,588,435 |   |   | 225,884                                  |   |                                     | 5,012,133 |                               |   | 1,383,042                                      |   |   | (8,315,106 | ) |   | — |   |   | (1,694,046 | ) |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                               |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| -                miscellaneous common stock adjustment                          |   |                           | 29,555     |   |   | 296                                      |   |                                     | —   |                               |   | —                                        |   |   | — |   |   | — |   |   | 296 |   |
| -                for cash at $0.10 per share                                    |   |                           | 5,500,000  |   |   | 55,000                                   |   |                                     | 495,000   |                               |   | —                                        |   |   | — |   |   | — |   |   | 550,000 |   |
| -                for consulting services at an average of $0.15 per share       |   |                           | 1,763,779  |   |   | 17,638                                   |   |                                     | 243,362   |                               |   | —                                        |   |   | — |   |   | — |   |   | 261,000 |   |
| -                for loans payable at an average of $0.10 per share             |   |                           | 369,160    |   |   | 3,692                                    |   |                                     | 33,225    |                               |   | —                                        |   |   | — |   |   | — |   |   | 36,917 |   |
| -                for prior period services at an average of $.13 per share      |   |                           | 245,000    |   |   | 2,450                                    |   |                                     | 30,550    |                               |   | —                                        |   |   | — |   |   | — |   |   | 33,000 |   |
| -                for investments at $0.21 per share                             |   |                           | 450,000    |   |   | 4,500                                    |   |                                     | 88,668    |                               |   | —                                        |   |   | — |   |   | — |   |   | 93,168 |   |
| -                to officers and directors for services at $.10 per share       |   |                           | 1,423,156  |   |   | 14,231                                   |   |                                     | 129,025   |                               |   | —                                        |   |   | — |   |   | — |   |   | 143,256 |   |
| -                penalty shares at $.26 per share                               |   |                           | 860,000    |   |   | 8,600                                    |   |                                     | 215,000   |                               |   |                                           |   |   | — |   |   | — |   |   | 223,600 |   |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Change                in market value of investments                            |   |                           | —    |   |   | —                                  |   |                                     | —   |                               |   | —                                        |   |   | — |   |   | 1,800 |   |   | 1,800 |   |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2003                   |   |                           | —    |   |   | —                                  |   |                                     | —   |                               |   | —                                        |   |   | (966,958 | ) |   | — |   |   | (966,958 | ) |
| Balance,                September 30, 2003                                      |   |                           | 33,229,085 |   | $      | 332,291                                  |   | $                                        | 6,246,963 |                               | $      | 1,383,042                                      |   | $ | (9,282,064 | ) | $ | 1,800 |   | $ | (1,317,968 | ) |
|                                                                            |   |                           |       |   |   |                                     |   |                                     |      |                               |   |                                           |   |   |   |   |   |   |   |   |   |   |

----

| **TREND                MINING COMPANY****(An                Exploration Stage Company)****STATEMENT                OF STOCKHOLDERS’ EQUITY                (DEFICIT)** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |
|-------------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|--------|-------------------------------------------|--------|------------------------------------------|------------|------------------------------------|--------|--------------------------------------------------|--------|
|                                                                                |   | Common                Stock     |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |
|                                                                                |   | Number                of Shares |       | Amount |   | Additional                Paid-in Capital |   | StockOptions                and Warrants |       | Accumulated                Deficit |   | Other                Comprehensive Income (Loss) |   | Total |   |
| Balance,                September 30, 2003                                          |   |                            | 33,229,085 |   | $      | 332,291                                   |   | $                                        | 6,246,963  |                               | $      | 1,383,042                                        |   | $ | (9,282,064 | ) | $ | 1,800 |   | $ | (1,317,968 | ) |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                                   |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| -                for cash at $0.20 per share                                        |   |                            | 1,675,000  |   |   | 16,750                                    |   |                                     | 318,250    |                               |   | -                                                |   |   | — |   |   | — |   |   | 335,000 |   |
| -                for consulting services at an average of $0.35 per share           |   |                            | 162,500    |   |   | 1,625                                     |   |                                     | 54,800     |                               |   | —                                          |   |   | — |   |   | — |   |   | 56,425 |   |
| -                for accounts payable at an average of $.24 per share               |   |                            | 626,130    |   |   | 6,261                                     |   |                                     | 144,584    |                               |   | —                                          |   |   | — |   |   | — |   |   | 150,845 |   |
| -                for investments at $0.20 per share                                 |   |                            | 125,000    |   |   | 1,250                                     |   |                                     | 23,750     |                               |   | —                                          |   |   | — |   |   | — |   |   | 25,000 |   |
| -                to officers and directors for services at $.12 per share           |   |                            | 150,000    |   |   | 1,500                                     |   |                                     | 16,500     |                               |   | —                                          |   |   | — |   |   | — |   |   | 18,000 |   |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Expired                options & warrants                                       |   |                            | —    |   |   | —                                   |   |                                     | 503,774    |                               |   | (503,774                                         | )      |   | — |   |   | — |   |   | — |   |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Options                issued to officers and directors for services                |   |                            | —    |   |   | —                                   |   |                                     | —    |                               |   | 95,000                                           |   |   | — |   |   | — |   |   | 95,000 |   |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Gain                on sale of internal securities                                  |   |                            | —    |   |   | —                                   |   |                                     | 210,194    |                               |   | —                                          |   |   | — |   |   | — |   |   | 210,194 |   |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Change                in market value of investments                                |   |                            | —    |   |   | —                                   |   |                                     | —    |                               |   | —                                          |   |   | — |   |   | (1,800 | ) |   | (1,800 | ) |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2004 (restated)            |   |                            | —    |   |   | —                                   |   |                                     | —    |                               |   | —                                          |   |   | (992,688 | ) |   | — |   |   | (992,688 | ) |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 2004 (restated)                               |   |                            | 35,967,715 |   | $      | 359,677                                   |   | $                                        | 7,518,815  |                               | $      | 974,268                                          |   | $ | (10,274,752 | ) | $ | — |   | $ | (1,421,992 | ) |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                                   |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| -                for accounts payable at an average of$.38                per share |   |                            | 10,000     |   |   | 100                                       |   |                                     | 3,700      |                               |   | —                                          |   |   | — |   |   | — |   |   | 3,800 |   |
| -                for services at an average of $.29 per share                       |   |                            | 297,500    |   |   | 2,975                                     |   |                                     | 84,035     |                               |   | —                                          |   |   | — |   |   | — |   |   | 87,010 |   |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Convertible                debt issuance:                                           |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| -                class A warrants at $0.15 per share                                |   |                            | —    |   |   | —                                   |   |                                     | —    |                               |   | 341,801                                          |   |   | — |   |   | — |   |   | 341,801 |   |
| -                class B warrants at $0.08 per share                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   | 187,748                                          |   |   |   |   |   | — |   |   | 187,748 |   |
| -                beneficial conversion rights at $0.19 per share                    |   |                            | —    |   |   | —                                   |   |                                     | 383,745    |                               |   | —                                          |   |   | — |   |   | — |   |   | 383,745 |   |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Expired                options and warrants                                         |   |                            | —    |   |   | —                                   |   |                                     | 10,137     |                               |   | (10,137                                          | )      |   | — |   |   | — |   |   | — |   |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the period ended June 30, 2005 (unaudited)              |   |                            | —    |   |   | —                                   |   |                                     | —    |                               |   | —                                          |   |   | (1,148,486 | ) |   | — |   |   | (1,148,486 | ) |
| Balance,                June 30, 2005 (unaudited and restated)                      |   |                            | 36,275,215 |   | $      | 722,429                                   |   | $                                        | 15,519,247 |                               | $      | 2,467,948                                        |   | $ | (21,697,989 | ) | $ | — |   | $ | (2,988,365 | ) |
|                                                                                |   |                            |       |   |   |                                      |   |                                     |       |                               |   |                                             |   |   |   |   |   |   |   |   |   |   |

----

| **TREND                  MINING COMPANY****(An                  Exploration Stage Company)****STATEMENT                  OF CASH                  FLOWS** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                              |   |                                                                      |       | Period                    from October 1,    |   |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|------------|---------------------------------------------------|--------|
|                                                                                                              |   | Nine                    Months EndedJune30,                    2005  |       | 1996                    (Inception of   |   |
|                                                                                                              |   |                                                                      |       | Exploration                    Stage) to     |   |
|                                                                                                              |   | 2005(unaudited)                                                      |       | 2004(unaudited)Restated                      |   | June                    30, 2005(unaudited)Restated  |   |
| CASH                    FLOWS FROM OPERATING ACTIVITIES:                                                          |   |                                                                      |       |                                              |   |   |   |
| Net                    loss                                                                                       |   | $                                                                         | (1,148,486 | )                                                 | $      | (615,401 | ) | $ | (10,864,734 | ) |
| Adjustments                    to reconcile net loss to net cash used by operating                    activities: |   |                                                                      |       |                                              |   |   |   |   |   |   |
| Depreciation                                                                                                      |   |                                                                      | 2,661      |                                              |   | 2,069 |   |   | 54,537 |   |
| Amortization                    of debt discount                                                                  |   |                                                                      | 369,372    |                                              |   | — |   |   | 369,372 |   |
| (Gain)/loss                    on investment sales                                                                |   |                                                                      | —    |                                              |   | 40,383 |   |   | 68,969 |   |
| Loss                    on disposition and impairment of assets                                                   |   |                                                                      | —    |                                              |   | — |   |   | 185,891 |   |
| Gain                    on sale of mineral property claims for securities                                         |   |                                                                      | —    |                                              |   | — |   |   | (500 | ) |
| Gain                    on trade-in of property and equipment                                                     |   |                                                                      | —    |                                              |   | — |   |   | (7,872 | ) |
| Gain                    on forgiveness of debt                                                                    |   |                                                                      | (62,815    | )                                                 |   | — |   |   | (201,581 | ) |
| Interest                    expense forgiven by shareholders                                                      |   |                                                                      | —    |                                              |   | — |   |   | 20,848 |   |
| Common                    stock issued for services                                                               |   |                                                                      |       |                                              |   |   |   |   |   |   |
| and                    expenses                                                                                   |   |                                                                      | 87,010     |                                              |   | 92,425 |   |   | 1,070,984 |   |
| Common                    stock issued for payables                                                               |   |                                                                      | 3,800      |                                              |   | — |   |   | 223,456 |   |
| Common                    stock and options issued as compensation                                                |   |                                                                      | —    |                                              |   | — |   |   | 977,375 |   |
| Stock                    options and warrants issued for financing activities                                     |   |                                                                      | —    |                                              |   | — |   |   | 822,257 |   |
| Common                    stock issued for investments                                                            |   |                                                                      | —    |                                              |   | — |   |   | 93,168 |   |
| Common                    stock and warrants issued to acquire mineral                                            |   |                                                                      |       |                                              |   |   |   |   |   |   |
| property                    options                                                                               |   |                                                                      | —    |                                              |   | — |   |   | 1,114,873 |   |
| Warrants                    issued for consulting fees                                                            |   |                                                                      | —    |                                              |   | — |   |   | 170,521 |   |
| Common                    stock issued for incentive fees                                                         |   |                                                                      | —    |                                              |   | — |   |   | 21,544 |   |
| Investment                    traded for services                                                                 |   |                                                                      | —    |                                              |   | — |   |   | 45,939 |   |
| Changes                    in assets and liabilities:                                                             |   |                                                                      |       |                                              |   |   |   |   |   |   |
| Inventory                                                                                                         |   |                                                                      | —    |                                              |   | — |   |   | 857 |   |
| Accounts                    payable                                                                               |   |                                                                      | (81,848    | )                                                 |   | 149,065 |   |   | 233,610 |   |
| Accounts                    payable - checks in excess of bank balance                                            |   |                                                                      |       |                                              |   | (3,297 | ) |   | 7 |   |
| Accrued                    expenses                                                                               |   |                                                                      | (4,162     | )                                                 |   | 77,700 |   |   | (2,567 | ) |
| Prepaid                    expenses                                                                               |   |                                                                      | (24,088    | )                                                 |   | — |   |   | (24,088 | ) |
| Purchase                    deposits                                                                              |   |                                                                      | (300,000   | )                                                 |   | — |   |   | (300,000 | ) |
| Reclamation                    bond                                                                               |   |                                                                      | (6,500     | )                                                 |   | — |   |   | (6,500 | ) |
| Interest                    payable                                                                               |   |                                                                      | 112,610    |                                              |   | (27,972 | ) |   | 212,113 |   |
| Net                    cash used by operating activities                                                          |   |                                                                      | (1,052,446 | )                                                 |   | (285,028 | ) |   | (5,721,521 | ) |
|                                                                                                              |   |                                                                      |       |                                              |   |   |   |   |   |   |
| CASH                    FLOWS FROM INVESTING ACTIVITIES:                                                          |   |                                                                      |       |                                              |   |   |   |   |   |   |
| Proceeds                    from sale of equipment                                                                |   |                                                                      | —    |                                              |   | — |   |   | 35,126 |   |
| Proceeds                    from sale of mineral property                                                         |   |                                                                      | —    |                                              |   | — |   |   | 20,000 |   |
| Purchase                    of furniture and equipment                                                            |   |                                                                      | (3,162     | )                                                 |   | — |   |   | (49,215 | ) |
| Proceeds                    from investments sold                                                                 |   |                                                                      | —    |                                              |   | 15,000 |   |   | 183,161 |   |
| Net                    cash provided by investing activities                                                      |   |                                                                      | (3,162     | )                                                 |   | 15,000 |   |   | 189,072 |   |
|                                                                                                              |   |                                                                      |       |                                              |   |   |   |   |   |   |

----

| **TREND                      MINING COMPANY****(An                      Exploration Stage Company)****STATEMENT                      OF CASH                      FLOWS** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |
|----------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|-----------|---------------------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                                                             |   |                                                                             |      | Period                      from October 1,  |   |
|                                                                             |   | Nine                        Months Ended June                      30, 2005 |      | 1996                      (Inceptionof       |   |
|                                                                             |   |                                                                             |      |                                              |   | Exploration                      Stage) to              |   |
|                                                                             |   | 2005(unaudited)                                                        |      | 2004(unaudited)Restated                 |   | June                      30, 2005(unaudited)Restated   |   |
| CASH                      FLOWS FROM FINANCING ACTIVITIES:                       |   |                                                                             |      |                                              |   |                                                              |   |
| Payments                      on notes payable and short-term borrowings         |   |                                                                             | (81,250   | )                                                 |   | (112,500                                                          | )      |   | (205,806 | ) |
| Proceeds                      from internal securities sale                      |   |                                                                             | —   |                                              |   | 210,194                                                           |   |   | 210,194 |   |
| Sale                      of warrants for common stock                           |   |                                                                             | —   |                                              |   | —                                                           |   |   | 10,000 |   |
| Proceeds                      from borrowings                                    |   |                                                                             | 1,245,412 |                                              |   | 47,500                                                            |   |   | 2,714,569 |   |
| Sale                      of common stock, subscriptions and exercise of options |   |                                                                             | —   |                                              |   | 325,000                                                           |   |   | 2,693,151 |   |
| Issuance                      of penalty shares                                  |   |                                                                             | —   |                                              |   | —                                                           |   |   | 223,600 |   |
| Net                      cash provided by financing activities                   |   |                                                                             | 1,164,162 |                                              |   | 470,194                                                           |   |   | 5,645,708 |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| NET                      INCREASE IN CASH                                        |   |                                                                             | 108,554   |                                              |   | 200,166                                                           |   |   | 113,260 |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| CASH,                      BEGINNING OF PERIOD                                   |   |                                                                             | 8,313     |                                              |   | 2,558                                                             |   |   | 3,607 |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| CASH,                      END OF PERIOD                                         |   |                                                                             | 116,867   |                                              | $      | 202,724                                                           |   | $ | 116,867 |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| SUPPLEMENTAL                      CASH FLOW INFORMATION:                         |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| Interest                      paid                                               |   | $                                                                                | —   |                                              | $      | 95,194                                                            |   | $ | 98,706 |   |
| Income                      taxes paid                                           |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | — |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| NON-CASH                      FINANCING AND INVESTING ACTIVITIES:                |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| Common                      stock and warrants issued to acquire                 |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| mineral                      properties                                          |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 344,873 |   |
| Common                      stock issued to acquire mineral property             |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 845,000 |   |
| Common                      stock issued for acquisition of                      |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |
| mining                      equipment                                            |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 180,000 |   |
| Common                      stock issued for services and expenses               |   | $                                                                                | 87,010    |                                              | $      | 56,425                                                            |   | $ | 1,070,984 |   |
| Common                      stock issued for investment                          |   | $                                                                                | —   |                                              | $      | 25,000                                                            |   | $ | 185,168 |   |
| Common                      stock issued for payables and accrued expenses       |   | $                                                                                | 3,800     |                                              | $      | —                                                           |   | $ | 223,456 |   |
| Common                      stock issued for incentive fees                      |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 21,544 |   |
| Common                      stock and options issued as compensation             |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 977,375 |   |
| Stock                      options and warrants issued for financing activities  |   | $                                                                                | 93,825    |                                              | $      | —                                                           |   | $ | 916,082 |   |
| Beneficial                      conversion rights on convertible debt            |   | $                                                                                | 77,158    |                                              | $      | —                                                           |   | $ | 77,158 |   |
| Warrants                      issued for consulting fees                         |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 170,521 |   |
| Deferred                      acquisition costs on mining property               |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 46,242 |   |
| Purchase                      of equipment with financing agreement              |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 21,814 |   |
| Investments                      received for mineral property                   |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 5,500 |   |
| Investments                      traded for services                             |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 45,939 |   |
| Equipment                      for loans payable                                 |   | $                                                                                | —   |                                              | $      | —                                                           |   | $ | 4,500 |   |
|                                                                             |   |                                                                             |      |                                              |   |                                                              |   |   |   |   |

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**CONDENSED        NOTES TO THE FINANCIAL STATEMENTS**

**June        30, 2005**

**NOTE      1 - BASIS OF PRESENTATION OF UNAUDITED INTERIM FINANCIAL      INFORMATION**

**NOTE      2 - ORGANIZATION AND DESCRIPTION OF BUSINESS**

**NOTE      3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**CONDENSED        NOTES TO THE FINANCIAL STATEMENTS**

**June        30, 2005**

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**CONDENSED        NOTES TO THE FINANCIAL STATEMENTS**

**June        30, 2005**

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**CONDENSED        NOTES TO THE FINANCIAL STATEMENTS**

**June        30, 2005**

**NOTE      4 - RELATED PARTY TRANSACTIONS **

| Notes                Payable as of September 30, 2004 |   | $      | 1,032,857 |   |
|-------------------------------------------------------|--------|--------|-----------|--------|
| Additions                                             |   |   | 15,000    |   |
| Repayments                                            |   |   | —   |   |
| Notes                Payable as of June 30, 2005      |   | $      | 1,047,857 |   |

**NOTE      5 - CONVERTIBLE BRIDGE LOANS**

** **

----

**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**June          30, 2005**

**NOTE      6 - COMMON STOCK**

**NOTE      7**
**      - COMMON STOCK OPTIONS AND WARRANTS**

|                                                                                                                                  |   | Number                of SharesUnder                Warrants |       | Weighted                AverageExercise                Price |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|------------|--------------------------------------------------------------|--------|
| Outstanding                at October 1, 2004                                                                                         |   |                                                         | 8,868,174  |                                                         | $      | 0.46 |   |
| Granted                                                                                                                               |   |                                                         | 4,350,000  |                                                         |   | 0.36 |   |
| Exercised                                                                                                                             |   |                                                         | —    |                                                         |   | — |   |
| Forfeited                                                                                                                             |   |                                                         | (130,000   | )                                                            |   | 1.00 |   |
| Outstanding                at June 30, 2005                                                                                           |   |                                                         | 13,088,174 |                                                         |   | 0.42 |   |
| Weighted                average fair value of warrants granted in nine month period ended                June 30,                2005 |   |                                                         |       |                                                         | $      | 0.12 |   |
|                                                                                                                                  |   |                                                         |       |                                                         |   |   |   |

|                              |   |                              |   |                           |   |
|-----------------------------------|--------|-----------------------------------|--------|--------------------------------|--------|
| Number                of Warrants |   |  Strike                Price |   | Expiration                Date |   |
| 7,954,761                         |   | $                                 | 0.40   |                           |   | 9/30/2006 |   |
| 520,000                           |   | $                                 | 1.00   |                           |   | 9/30/2007 |   |
| 150,000                           |   | $                                 | 1.00   |                           |   | 1/30/2007 |   |
| 113,413                           |   | $                                 | 1.00   |                           |   | 5/31/2007 |   |
| 1,933,333                         |   | $                                 | 0.50   |                           |   | 1/8/2010 |   |
| 2,416,667                         |   | $                                 | 0.25   |                           |   | conditional |   |
| 13,088,174                        |   |                              |   |                           |   |   |   |

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**CONDENSED        NOTES TO THE FINANCIAL STATEMENTS**

**June        30, 2005**

**NOTE      8 - INCOME TAXES**

**NOTE      9 - COMMITMENTS AND CONTINGENCIES**

**NOTE**
** **
**10      - CORREC**
**T**
**ION      OF AN ERROR**

**NOTE      11 - SUBSEQUENT EVENT**

----

**ITEM      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.**

**ITEM      3. CONTROLS AND PROCEDURES**

----

**FORWARD-LOOKING      STATEMENTS **

----

**PART      II - OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS**

**ITEM      2. CHANGES IN SECURITIES AND USE OF PROCEEDS**

**ITEM      3. DEFAULTS UPON SENIOR SECURITIES**

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

**ITEM      5. OTHER INFORMATION**

**ITEM      6. EXHIBITS AND REPORTS ON FORM 8-K**

----

**SIGNATURES**

|                                    |                                                                                                 |                                   |
|-----------------------------------------|------------------------------------------------------------------------------------------------------|----------------------------------------|
|                                    | **TREND                MINING COMPANY**                                                              |
|                               |                                                                                            |                              |
| Date:                September 20, 2005 | By:                                                                                        |  /s/                Thomas Loucks |
|                                    | Thomas                Loucks                                                                         |
|                                    | President                  and Chief Executive Officer(Principal Executive                  Officer) |

|         |                                                                                                 |                                  |
|--------------|------------------------------------------------------------------------------------------------------|---------------------------------------|
|    |                                                                                            |                             |
|         | By:                                                                                        |  /s/                John P. Ryan |
|         | John                P. Ryan                                                                          |
|         | Treasurer                  and Chief Financial Officer(Principal Financial                  Officer) |

----